Bitcoin (CRYPTO: BTC) mining company GRIID Infrastructure (NASDAQ: GRDI) commenced trading in the U.S. market on Monday, following its initial public offering in Canada earlier this month.
The Cincinnati-based company, which operates mining facilities in New York and Tennessee, merged with special purpose acquisition company (SPAC) Adit EdTech to list on Nasdaq, Blockworks reported.
Company’s Journey And Strategy:
GRIID made its first appearance in the public markets on Jan. 2, on Cboe Canada.
The company’s Chief Strategy Officer, Harry Sudock, had previously indicated their intention to list in the U.S.
On Monday, GRIID’s stock began trading on Nasdaq, with its price falling to around $7 at 11 a.m. ET, marking a 28% decrease from its opening price. At the time of publication Tuesday, shares were down over 54% since the listing, with the stock trading at $4.55.
“In the short term, we are focused on growing our capacity and increasing our hash rate,” Sudock stated earlier this month to Blockworks. “Ultimately, our goal is to continue expanding our power pipeline and leveraging operational excellence to be a leader in both Bitcoin mining and energy innovation.”
GRIID’s CEO, Trey Kelly, said that the Nasdaq listing “will enhance our visibility, liquidity and broaden our investor base.”
Background And Market Context:
GRIID secured a $525 million credit facility from Blockchain.com in 2021 and initially planned to list on the New York Stock Exchange, a move that did not materialize. The Nasdaq listing precedes the anticipated bitcoin halving event in April, which will reduce mining rewards from 6.25 BTC to 3.125 BTC per block.
GRIID’s Operations And Goals:
Mining Operations: Founded in 2018 and starting operations in 2019, GRIID had installed 20,623 Bitcoin mining machines as of Sept. 30, achieving a total hash rate of 447 peta hashes per second (PH/s).
Sustainable Energy Usage: The company utilizes approximately 67% carbon-free power for its facilities, aiming to increase this to 90% by the end of 2024.
Financial Performance: GRIID reported revenues of $2.6 million in the third quarter of 2023, totaling $8 million in the first three quarters of last year.
Performance…
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